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Circuit City plans on closing atleast 150 stores and many jobs!!!

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ill have to search to see which stores are to close (which i dont think they have released those yet)...but lets hope they wait until after black friday to do so...






cut and paste:


Report: Circuit City to Shut Stores, Cut Jobs


Circuit City (CC: 0.35, -0.04, -10.25%), the second largest electronic retailer by sales, plans to cut thousands of jobs and close at least 150 stores, according to The Wall Street Journal.


Circuit City would make these cutbacks instead of filing for bankruptcy-court protection, according to people familiar with the matter. However, earlier this month the company retained the law firm Skadden, Arps, Slate, Meagher and Flom LLP as its bankruptcy counsel. This firm oversaw Kmart’s Chapter 11 reorganization several years ago.


FTI Consulting was also retained by Circuit City to assist in the development of a turnaround plan and to help secure emergency financing with banks, according to the Journal.


Circuit City has also explored liquidation options recently, and is investigating how much money could be raised from selling millions of dollars worth of inventory, according to the Journal.


Circuit City is particularly trying to avoid bankruptcy before the holiday season for fear that customers might worry about warranty guarantees on items like flat screen TVs and Laptops, according to the Journal.


The company, which hasn’t had a profitable quarter in over a year, employs 45,000 people and has been in business for 59 years.

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  • 2 weeks later...

well i guess we will officially know somethign tomorrow...so goes the word online other places....apparently someone had some time to find out to search their local area by zip code on circuitcity's website store locator and put in the zip of ur area and search the stores..some are missing from the area list and they think those are the ones to close....


if this is true...Grove City,Oh with ur brand spanking brand new shiny gem store (ok so it isnt that new, but is the newest of stores around here...lol)isnt in the store directory as of an hour ago......sawmill, brice, easton, and polaris are still there tho

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Wowsa this is the message I got when I put in the zipcode for the current store in OPKS : We're sorry; there are no Circuit City stores within 100 miles of OVERLAND PARK, KS 66213


:( - I didn't shop there much but I don't like the thought of not having the option and just having Best Buy here in the metro KC area as the main electronics store.

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